中国信用卡应收账款资产支持证券研究

发布时间：2018-11-15 06:37

【摘要】：信用卡应收账款资产支持证券起源于1987年的美国,一经推出其市场便迅速扩张,目前已成为美国资产证券化市场重要组成部分之一。对信用卡应收账款进行资产证券化可以将应收账款从商业银行的资产负债表中迅速剥离,帮助发卡人改善财务状况、缓解流动性压力并为其提供一条低成本融资渠道。作为以循环信贷资产为基础资产池的证券化产品,信用卡资产支持证券与传统的信贷资产支持证券存在诸多差异,直接表现在其交易流程设计、现金流管理等方面。本文将从信用卡应收账款资产池的循环特性出发,借鉴国外发展经验来阐述信用卡资产支持证券的运作与设计原理。本文探讨了信用卡应收账款资产支持证券在我国的可行性、必要性以及产品设计定价方面的问题。目前我国信用卡市场处于快速成长期,一方面市场中的卡存量、应收账款规模均已达到可证券化水平,另一方面为拓展业务范围,商业银行也在不断寻求更为有效、低廉的融资方式,这为开展信用卡应收账款资产支持证券业务创造了条件。但由于国内缺乏信用卡应收账款证券化的经验,金融市场不够成熟,相应法律法规体系也尚未建立,这导致证券化过程中将会面临很多困难。文章将从证券设计运行以及法律层面着手,对目前国内发展信用卡应收账款资产支持证券所面临的问题提出参考性建议。
[Abstract]:Credit card receivables asset-backed securities originated in 1987 in the United States, once its market expanded rapidly, has become an important part of the U.S. asset securitization market. Asset securitization of credit card accounts receivable can rapidly separate accounts receivable from the balance sheet of commercial banks, help issuers to improve their financial situation, relieve liquidity pressure and provide a low-cost financing channel. As a securitization product based on revolving credit assets, there are many differences between credit card asset-backed securities and traditional credit asset-backed securities, which are directly reflected in their transaction flow design, cash flow management and so on. This paper discusses the operation and design principle of credit card asset-backed securities based on the circulation characteristics of credit card accounts receivable asset pool and drawing on the development experience of foreign countries. This paper discusses the feasibility, necessity and pricing of credit card receivables asset-backed securities in China. At present, the credit card market in our country is in the period of rapid growth. On the one hand, the amount of cards in the market and the scale of accounts receivable have all reached the level of securitization. On the other hand, in order to expand the scope of business, commercial banks are constantly seeking to be more effective. Low-cost financing, this for the development of credit card accounts receivable asset-backed securities business to create conditions. However, due to the lack of experience in credit card accounts receivable securitization, the financial market is not mature, and the corresponding laws and regulations system has not been established, which will lead to a lot of difficulties in the process of securitization. From the aspects of design and operation of securities as well as the legal level, this paper puts forward some suggestions on the problems faced in the development of credit card receivable asset-backed securities in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.2

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